ONS data proves housing bubble concerns are 'over the top'

"The ONS house price data for July confirms that recent fretting about an imminent house price bubble is over the top.

"While overall UK house price averages are now higher than the pre-crash peak having risen by 3.3% in the past 12 months, house price rises in England are being massively skewed by London. Many regions either fell or grew very slightly. Reports of a house price bubble have been greatly exaggerated."